Peanut the Squirrel (PNUT), a Solana 
$229-based memecoin, experienced a sharp price increase of 35% after Coinbase revealed plans to include it in its listing roadmap. The market capitalization of PNUT reached $1.34 billion, surpassing notable memecoins like POPCAT and MOG COIN.
Significant Increase in PNUT Price
The announcement from Coinbase regarding the potential listing of PNUT generated renewed interest among crypto traders. Consequently, this news propelled PNUT’s price to $1.35, marking a 35% rise within just 24 hours.
According to CoinMarketCap, the trading volume of PNUT surged to $1.5 billion during this period. The token gained attention following a viral event involving a squirrel mascot named Peanut on social media, which helped it amass a strong follower base, previously elevating its market value to as high as $2.4 billion.
Coinbase Listings
The open positions in PNUT futures increased by 40.48%, reaching $328.05 million. This surge reflects speculation regarding the token’s growth potential and reinforces trader confidence.
Coinbase also announced support for other memecoins, including Magic Eden’s ME token, Turbo (TURBO), and Gigachad (GIGA). It was revealed that trading for TURBO and GIGA would start today, and as of the time of writing, the GIGA pair was about to go live.
The potential listing of PNUT by Coinbase has established its significant position among memecoins and influenced market dynamics. The short-term lag of other memecoins indicates the impact of Coinbase’s strategic listing decisions on the market. For traders, these developments offer valuable insights into the future performance of memecoins.
